June 18, 2024

Ripple makes final attempt to dismiss lawsuit against XRP

Ripple makes final attempt to dismiss lawsuit against XRP

This week, Ripple made its latest attempt to dismiss its lawsuit against XRP. According to the latest application filedin the US District Court for the Northern District of California, even though XRP is a security, investors filed the lawsuit too late.

Furthermore, according to Ripple representatives, the subsequent arguments presented by the plaintiffs contradict their original requirements.

Recall that in August 2019, the plaintiff Bradley Sostackfiled his initial complaint against Ripple. He claims Brad Garlinghouse's company sold unregistered securities (XRP) to retail investors.

Ripple has previously tried to dismiss claims.filed by Sostek, citing the same reasons: the filing of the lawsuit did not meet the statutory deadline and the lack of evidence that the lead plaintiff purchased XRP from the defendants, as well as whether XRP had the characteristics of a security.

XRP – this is not a security, but in thisIn this case it doesn't matter. Even if XRP were a security, plaintiff's claims still fail as a matter of law,– the statement says.

Despite the plaintiff's claims that Rippledistributed securities, the statement said that the first sales of XRP occurred in 2013. This means that any case brought after the three-year statute of limitations must be dismissed.

The filing is Ripple's last effort before it faces trial in January 2020.